What does a successful waterfront transformation actually look like? The Port of Everett spent 15 years and $350 million finding out — surviving a developer bankruptcy, a recession, and its own false starts. Today, Cascadia Daily News named it the regional blueprint other cities are studying. Here is the full story of how Everett got here, and what comes next.
A Major Pacific Northwest Outlet Just Called Port of Everett the Waterfront Model
Cascadia Daily News, the Pacific Northwest’s most-read regional outlet, published a deep feature today as part of its four-part “Sea Change” series examining waterfront redevelopment across Western Washington. Part two focuses entirely on the Port of Everett’s Waterfront Place — and it positions Everett as the benchmark that other ports, including Bellingham, are now studying.
The headline says it plainly: “After a bankrupt developer and broken promises, Port of Everett is realizing its waterfront vision.” The subheading: “15 years and $350 million turned 65-acre windfall into restaurants, housing and marine trades.”
For those of us who live here, it’s easy to take the waterfront for granted. A Thursday evening in the rain, there’s still a line out the door at Tapped Public House. Families are walking the esplanade. Boats are in the marina. But to understand what we’re actually standing on, it helps to know the story of how this almost never happened — and the lessons Everett is now teaching to other communities wrestling with the same questions.
The Bankruptcy That Changed Everything
In 2005, the Port of Everett made what seemed like a reasonable bet. It sold 65 acres of prime north marina waterfront land to Maritime Trust Co., a Chicago-based developer, for a planned $400 million mixed-use redevelopment. The vision: 600 housing units, retail, office space, boat moorage, and light industrial boat businesses on land that had been dominated by mills and fishing since Everett’s founding.
Maritime Trust had development capabilities, but Lisa Lefeber — now the Port of Everett’s executive director, then a communications specialist — says the firm never quite got Everett. Some of their conceptual ideas drew on Vancouver’s Granville Island for inspiration, which she described as “a disconnect” from what this community actually was.
Then 2008 happened. Maritime Trust lost its main financier, Merrill Lynch, when the Great Recession hit. The developer filed for bankruptcy. The Port of Everett spent years in federal bankruptcy court to win back those 65 acres — land that had once been theirs, land that the community had entrusted them to steward well.
By 2012, the port had the land back. And a decision to make.
The Pivot That Made the Difference: No Master Developer
The most important strategic choice the Port of Everett made after the bankruptcy wasn’t a design decision. It was a control decision: this time, the port would not sell the land. It would retain ownership, lease to tenants and developers, and remain the anchor of the waterfront’s direction.
“When you don’t control the property, you don’t control how the site is used in terms of housing,” Lefeber told Cascadia Daily News. Maritime Trust, she noted, had wanted to turn the waterfront into “a private residential development” — the antithesis of why Washington state ports were created in the first place.
The port also made another unconventional move: it built out streets and utilities across the waterfront before tenants arrived. The goal was to “show value and proof of concept” and draw in the first housing development. It worked. The infrastructure investment de-risked the site for private partners and gave developers something tangible to build against.
The third shift was community engagement. Rather than hand the vision to an outside firm, the port went back to Everett residents to ask what they actually wanted. “We want it all,” Lefeber said in the CDN feature, describing the port’s philosophy. “We want industry. We want a place for people and families to be able to play and work and live. One of our big philosophies is a working waterfront.”
What $350 Million Built
Fifteen years and $350 million later — $175 million from private partners (hotel and apartment construction) and $175 million from a mix of federal grants, state funding, and Port of Everett financing and revenue — Waterfront Place encompasses five districts on and around the north marina.
Fisherman’s Harbor anchors the public-facing side: the “Restaurant Row” building with Tapped Public House, Rustic Cork, The Net Shed, Menchie’s, and Marina Azul is here, along with the Sawyer and Carling condo buildings, the Port’s administrative offices, and the hotel. The Craftsman District keeps more than 20 marine trades businesses — boat repair, storage, and service operations — embedded in the broader development. The state’s largest public marina sits steps from it all.
Jeff LaLone, co-owner of Bayside Marine, which specializes in boat storage and service for vessels under 50 feet, told CDN what the environment has meant to his business: “Everybody does a good job of just trying to have a good, nice, beautiful place to come to. For me to sit at my desk and look out the window, I’m looking at the boats, and you can walk down the street and grab something to eat. It’s just really nice.”
Jack Ng, owner of both Fisherman Jack’s and Muse Whiskey & Coffee Bar — the latter housed in the historic Weyerhaeuser building, complete with a private whiskey collection inside the building’s vintage vault — said he was drawn to the waterfront because of the port’s long-term vision. “That building is going to be a big icon piece. I just want to be part of the history.”
Ng also serves as a port commissioner for the Port of South Whidbey, so he understands the economic development role from both sides: “They can help a small business grow. They’re not there to have 100 percent of return on the investment, and their investment is more for bringing jobs for the local economy.”
The Honest Assessment: Still a Work in Progress
Lefeber doesn’t oversell what’s been built. Giant piles of dirt and gravel are still visible. Signs point to what’s coming next. The Millwright District — the 10-acre inland extension of Waterfront Place — still needs to be built out. The plans call for more than 300 housing units and 125,000 square feet of office space, but the port is actively reconsidering that mix.
“With the U.S. shift to remote work, it may not make sense to create a huge office building at the waterfront,” Lefeber said. The port is now asking: “Is there a better mix of balance? Like, do we look at 80,000 square feet of office, and then maybe a hotel?” The flexibility to revisit plans is part of the model — Waterfront Place is not locked into a master developer’s decade-old blueprint.
Lefeber’s description of waterfront redevelopment has become something of a mantra: “It’s been a little bit of a roller-coaster. I always joke with anything waterfront redevelopment, it’s two steps forward, and then you get punched back through the wall.”
The Alexa’s Café closure, the delayed Marina Azul opening, the long wait for Millwright Phase 2 to get moving — all of it fits the pattern. The progress is real, but it’s never linear.
What Fully Built Looks Like: $8.6 Million a Year in Local Tax Revenue
When Waterfront Place is complete across all five districts, the port projects $8.6 million a year in local sales tax revenue. That’s not a speculative forecast — it’s the mathematical outcome of the retail, restaurant, housing, and hospitality uses the port has already proven it can attract and sustain. The 3.4% retail vacancy rate across Snohomish County provides additional evidence that demand for this kind of space isn’t hypothetical.
The Port of Everett’s $70 million 2026 budget includes continued waterfront infrastructure investment. The $11.25 million federal Pier 3 grant secured in April 2026 extends the same logic to the working seaport side: federal confidence in the Port of Everett’s management and vision is showing up in competitive grant awards.
Why Bellingham — and the Rest of Washington — Is Watching
The Cascadia Daily News “Sea Change” series is explicitly benchmarking Bellingham against Everett and other ports. The parallel is uncomfortable but accurate: Bellingham’s waterfront, like Everett’s in the early 2000s, has sat partially undeveloped for years while port officials, city officials, and community members debate what should go there. Some sections have sat empty for decades.
What Everett’s story tells Bellingham — and any other community grappling with a waterfront opportunity — is that the critical decisions aren’t architectural. They’re about land control, infrastructure investment sequence, community authenticity, and patience with a 15-to-20-year timeline.
The port retained ownership of the land rather than selling to a master developer. It built infrastructure before tenants arrived. It kept marine trades in the mix rather than prioritizing higher-margin residential. And it never lost sight of the fact that the waterfront belonged to the whole city, not just to the people who lived or worked there.
That’s the lesson. And on a rainy Thursday evening in 2026, with a line out the door at Tapped and kids looking at the boats from the esplanade, it’s a lesson that appears to have worked.
Frequently Asked Questions
How much has been invested in Port of Everett’s Waterfront Place?
More than $350 million has been invested in Waterfront Place over the past 15 years. Of that, $175 million came from private partners (hotel and apartment construction) and $175 million from a combination of federal and state grants and Port of Everett financing and revenue.
Why did Port of Everett regain the waterfront land in 2012?
In 2005, the Port sold 65 acres to Maritime Trust Co., a Chicago developer, for a planned $400 million redevelopment. After Maritime Trust lost its main financier (Merrill Lynch) in the 2008 recession, the firm filed for bankruptcy. The Port of Everett won back the land in federal bankruptcy court by 2012.
What is the Millwright District at Port of Everett Waterfront Place?
The Millwright District is the next 10-acre phase of Waterfront Place development. Plans call for more than 300 housing units and over 125,000 square feet of commercial/office space. The Port is currently reconsidering the office portion of the plan, potentially scaling it to 80,000 square feet and adding a hotel component instead.
What will Waterfront Place generate in tax revenue when complete?
When fully built out across all five districts, Waterfront Place is projected to generate $8.6 million per year in local sales tax revenue.
What five districts make up Port of Everett’s Waterfront Place?
Waterfront Place encompasses five districts: Fisherman’s Harbor (Restaurant Row, condos, hotel, Port offices), the Craftsman District (20+ marine trades businesses), the state’s largest public marina, Pacific Rim Plaza (public gathering space and art), and the emerging Millwright District. The working seaport with Pier 3 is located approximately 2 miles away.
Why is Bellingham studying Port of Everett’s waterfront model?
Cascadia Daily News’s “Sea Change” series (published May 7, 2026) selected Port of Everett as a case study for Bellingham because the two cities share parallel histories: both had prime waterfront acreage tied up by troubled development deals, and both faced community questions about the right balance between working waterfront and public-facing amenities. Bellingham is at the beginning of its redevelopment journey; Port of Everett shows what 15 years of sustained execution can produce.
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